News
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The 2002 Terrorism Risk Insurance Act created a federal backstop for insurance claims related to acts of terrorism and a system of shared public and private compensation for insured losses resulting from acts of terrorism. Its possible expiry now threatens the availability of terrorism coverage, says John Talley of the Missouri Department of Insurance. 3 December 2019
Analysis
Significant obstacles are blocking insurers from engaging with the cannabis sector. A new generation of cannabis companies engaged in this business in Canada and other markets where it has been legalised should consider launching captives to manage their risk, according to Mark Allitt, managing director at KPMG in Bermuda. 2 December 2019
Accounting & tax analysis
Cayman’s captive insurance and reinsurance markets are seeing exciting new trends, with new business lines creating value for existing and future stakeholders, say Aon’s Howard Byrne and Ghislain Ghyoot, and PwC’s Ricardo Agrella. 2 December 2019
Analysis
Insureds should brace themselves for a double whammy of rising prices and declining availability of coverage in the traditional insurance markets, according to Vittorio Pozzo, captive advisor for Western Europe and Great Britain at Willis Towers Watson. 29 November 2019
Accounting & tax analysis
The Internal Revenue Service (IRS) has confirmed that the Connecticut Foundation Solutions Indemnity Company (CFSIC) is not required to issue federal tax form 1099s, used to declare miscellaneous income, to homeowners it has assisted in repairing their crumbling foundations. 28 November 2019
article
Much has been written about the growing regulatory overreach of state regulators and tax authorities with regard to their treatment of captive insurance companies over the past couple of years. But tax avoidance and mitigation strategies pale in importance to the many other benefits provided by captive insurers, says the Vermont Captive Insurance Association’s Richard Smith. 28 November 2019
Analysis
The average cost of a medical malpractice claim has increased by 50 percent in the US since 2009, according to Beazley, an insurer of hospital professional liability. 27 November 2019
Analysis
Captive insurance companies in Bermuda, Cayman and Barbados rated by AM Best have outperformed the segment’s counterparts in the commercial casualty sector, the rating agency said. 27 November 2019
article
Captive insurance companies can be great tools for telemedicine providers to self-insure future risks. They may create opportunities for premium savings and will certainly allow coverage to be written that is not available in the commercial insurance marketplace, says Larry Hansard at Gallagher. 27 November 2019
Law & regulation
The insurance commissioner for the State of Washington has issued a cease and desist order to 2A Insurance, a captive insurance company, preventing it from engaging in any insurance-related activities in the state. 26 November 2019
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